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bank of america and wells fargo and u.s. bancorp endlessly on any dip over and over again. that's why i bought them for my charitable trust. i knew they had to come in. they could take all they wanted and they're doing it. oil and natural gas, down last week. what a chance to get in. even though the earnings were widely lambasted. you see, they had no choice. the big-shot money managers simply cannot catch a double-digit move from the sidelines. they can no longer hope that the market will come down because it's up too darn much. and most of them don't have the luxury of being up so much that they can leave the table. they're being forced back to the table where they have to place bets whenever any discount whatsoever occurs. and they know where they won't move the stocks with their aggressive buying. think back to bank of america, think wells fargo. oh, that's selling? they've got to hone every share they have. they can't afford to sell anything, they'll lose their exposure. they have too much buying to do here's the bottom line -- we are in self-fulfilling mode now. that's why i keep
coverage in america. now, during the pontiac summer closeout. (tucci) count on the nation's fastest 3g network. at&t every head. every bite. every gallon. every shoe. every book. every cereal. well, maybe not every cereal. but every stem. every stitch. every tune. every toy. pretty much everything you buy can help your savings account grow because keep the change from bank of america rounds up every debit card purchase to the next dollar and transfers the difference from your checking to savings account. it's one of the many ways we make saving money in tough times a whole lot easier. and you know what, it works. nutrisystem for men: flexible new programs personalized to meet your goals. what's great about nutrisystem is you eat the foods you love and you lose weight. i'm dan marino. i lost 22 pounds on nutrisystem and i've kept it off for three years. for a limited time, get an extra three weeks of meals free! that's right, you can get an extra 21 breakfasts, lunches, dinners, desserts, and snacks. that's 105 meals free! i had awesome results. i mean, i lost 22 pounds, my goal was 20,
independence is the spirit that drives america's most successful investors. announcer: trade commission-free for 30 days plus get $100 cash when you open an account. >>> bob pisani down on the floor of the new york stock exchange. this is the best they can do right now. believe it or not, we're not far from the worst day of the month. the dow jones industrial average, and i know it's a pretty young month. but the bottom line is this -- they can't drop the market very much. since the second week of july. they tried on several occasions in the last four weeks. they were down 30 or 40, 50 points in the middle of the day, and it's always come off of the lows. sought market is not wanting to go down right now. even on a fairly quiet day, even on a day when we have big gains in financials the prior four or five days, even when we had big gains in cyclical stocks, those stocks did have modest profit-taking today but never extreme. 2%, 3%, 4%. and even with that weakness we saw here general strength in the overall markets. some of the bigger names in the financials, for example, like
for growth and prosperity in the long run. these are the jobs futuring of america, renovating schools and hospitals. the elkhart area has seen the benefits. dozens were employed to resurface the runway at elkhart airport. a four mile stretch of highway is being upgrade order u.s. 33. the health center has received recovery dollars to expand services and hire additional staff. and as part of the recovery plan, we're making an historic amendment to innovation. building a new smart grid that carries electricity from coast to coast, laying down broad band lines and high speed rail lines, and providing the largest boost in basic research in history to ensure that american leads in the break through discoveries of the new century. just as we led in the last. because that's what we do best in america. we turn ideas ainto inventions. history should be our guide. the united states led the world economies in the 20th century because we led the world in innovation. today the competition is keen, the challenge is tougher and that's why innovation is more important than ever. that's the key to goo
are the russians parking their subs off the eastern seaboard of america. also, cnbc regular, top name on banking why the "g-men" ought to keep their mud hook off bank of america's ken lewis, we're back before you can say government gone wild! >>> all aboard the recovery train. dennis kneale is driving the recession out and driving profits back in. >> i am selling the hope, baby, i truly believe this recession is over. >> you want a little optimism to end your day? yeah. >> there's reason for hope. >> he's the real deal. he's dennis kneale. watch "cnbc reports" week nights at 8:00 eastern. >> it could be the most important indicator, jobs report. it seems like the world will never be the same. but there is a light beginning to shine again. the spark began where it always begins. at a restaurant downtown. in a shop on main street. a factory around the corner. entrepreneurs like these are the most powerful force in the economy. they drive change and they'll relentless push their businesses to innovate and connect. as we look to the future, they'll be there ahead of us, lights on, showing us the way
outs hopes of a little bit, put a bank of america intraday here because the financials are starting to move just in the last 15 or 20 minutes. you see that? the volume has picked up here too. a number of the other banks. i'm just putting up bank of america as an example. what's going on? well, there isn't any news out there. remember, though, we are going to get some delinquency data next week on credit card delinquencies. i've heard some hopes out there that maybe some of the trust data as it's called might show trends that are a little bit better than expected. again, there might be hope for a last hour rally. tradertalk.cnbc.com. let's go to scott standing by at the nasdaq. >> bob, thanks. we're lower for the week. now we're lower for the month of august. today we're down by 1 3/4%. that translates to a loss of some 34 points. a broad-based sell-off throughout not only technology but elsewhere. i'll take you through that in just a second. chips, for example, they've been weak throughout the day. one of the weakest spots on the nasdaq today. philadelphia semiconductor index, the s
things up. bank of america, $33 million to settle charges that they made false or misleading statements regarding bonuses paid to merrill lynch executives. and mary thompson's going to give you all the details on that in just a moment. on the cyclicals and the weak dollar, most of the major names are the highest levels since september or october of last year. all the big names were up 2%, 3%, 4%, even 6% or 7% here. auto storksz ford's at a new high. toyota's at the highest level since september.. the big car dealers like sonic automotive were up. again, the companies that have replacement parts are the ones that were down here today. finally, the defensive names looking very good here. excuse me. are the big laggards here as the people out there who are actively in the market want cyclicals, not defensive.e. there's the s&p 500 over 1,000 there for the first time since november. and as i said, 66 was the march 9th low. exactly 50% above that. melissa, back to you. >> yeah, ominous, but we don't mind now. thanks so much, bob pisani. a management shake-up and an s.e.c. settlement for ban
gainer, 7%, of course that commodities play is in full force. bank of america. how about the day bank of america. they settle a dispute for $33 million, they're wondering what the secession, the plan, they were the number two gainer, up 3.6% up on the day and then we get ford, on any day these would be leaders, they had the first uptick, up 4%, but i want to point out to the year-to-date on february the 20th, this stock traded $1.58.8. here at the nasdaq, we focussed all day on apple and google, google ceo eric schmidt out on the apple board. investors bullish on this side of the equation. people are betting on which company they think is going to succeed moving forward.d. but this will take the gloves off of competition, folks, and probably going to see innovation. people excited about this conversation today. i do want to touch on a couple of names, starting with anadarko petroleum. we'll get some answers and go inside these results. that was a beat, actually, and we'll find out what things, what's going on. we talked about housing, as well, construction spending was up, part of the
the roman empire ruled the world and means america stands anew as the greatest nation on earth. we will fix our problems and come back stronger than most people believe. pax americana boasts the most vibrant economy, and most innovative mind and best form of government so long as it stays out of business and wealth creation. america is exceptional, the one true leader of our planet. frankly, guys, i'm tired of president obama hat in hand apologizing for it to the rest of the world. pitch to the u.s. economy, will you? as a huge rocket ship on the launchpad, countdown has just ended. we have ignition, plumes of smoke are rising and the massive thing is starting to shoulder and shake, and liftoff is about to begin. if you believe in pax amer can narcs america the kickass, you have hope to believe this economy will be far more robust than everyone expects. and darren brooks, a big believe in pax americana. he runs the think tank that encourages individual action. amen. are we in the era of pax americana? >> i think for the last 200 years we have been in the era, this is the greatest nation on
of america's greatest industries and job creators. if we leave it alone and don't stifle it with a government takeover, health care will help us get a big prosperity boom in the next five to 10 years and longer. that's my take. i want to turn it over to my great friend, mary thompson, on "cnbc reports." mary, you're talking about the great recovery. >> we have a great show ahead, larry. thank you so much. "cnbc reports" starts right now. >> tonight on "cnbc reports." the bulls take a break and the bears win the day but there are several big names that have been down in the dumbs making a comeback now. on that list, aig. look at this chart. up 275% in a month. what's making this stock jump? fannie, freddie, bank of america, citigroup also making moves. in depth on the widely held stocks on the st. if almost everyone else owns them, shouldn't you? what we will learn from the kua kuants. >> i'm in for my colleague, dennis kneale. even with a friday fade, the positive news from retailers and bad news on bank those in critical condition topping 400, the death of massachusetts senator ted kennedy.
doing well.. bank of america announcing a $33 million settlement with the s.e.c. over allegations about how they reported the bank of america merrill lynch bonuses deal. that stock is trading up. a brilliant series of commentaries in the middle of the day from bank of america on the cyclicals. the weak dollar you see here. breakout. these are essentially new highs going back to september or october for most of the major cyclical names here. on the autos, ford's at a new high, toyota motors also at the highest since september. and even the car dealers are doing better today. look at sonic automotive. all the car dealers are up. you know what's not doing well in the auto group? anything that's like those replacement parts like auto zone. they were doing better when the sales were terrible. now sales are doing a little bit better they're a little weaker here today. take a look at the defensive names.s. the only groups holding back here is your classic pepsis and colgates, your heinzes as well. we had comments from clorox this morning that were a little disappointing. finally, here's the b
in the future of america or you don't. you believe we in habit the best, most innovative freest nation on earth or feel we're headed for the trash heap of history. by now, you guys can guess which side i will take. let me invoke a fancy trade. a latin phrase. it means american peace. another translation, the greatest nation. pax romano applied hundreds of years ago when rome ruled the world. and pax applies today. no other nation on earth, military might, economic power, moral intent. we still invent the greatest new tech products on earth and over half the new prescription drugs introduced every year and culture and media and entertainment that shaped much of the world. some really smart people will tell you the 21st century belongs to china new york times city america. i don't buy it. china can trash our currency but still buy u.s. treasury bonds because they're the safest on earth. look how long china has to go. airports. china has 477.7. how much does the u.s. have? 14,000 airports in the u.s. to ship products around the entire country. let's look at roads. china has 1.2 million roads. how
, interesting valuation, lacks catalysts. don't care for it here. bank of america, merrill lynch. they have a cell out. do they not understand the history of the company and how good you have it? >> jill, as you know, we're refocussed the company over the previous year and a half. in fact, we've been trying to innovate to help our customers succeed and our companies succeed. if you think about it, what we've been doing is positioning in the data and optical space which are growing and faster than the overall cap in the industry. and in particular, we're focused on the mobility space as well. you're right on target. when you had about it, there is a macro economic trend in the world. everyone around the world wants mobility and they want broad band. and we're focused on that mobility space. and right now, as you know, the phones are moving from just phone service, to mobile internet. then into mobile video. and we suspect over time, it will move into mobile commerce. and the u.s., for example, hasn't even started in that space yet. we're playing a big role there. >> when i look at what you'r
. this is a global franchise that should recover with the rest of the world, even if america lags behind. how about a fourth reason? it's getting out from under a ton of bad loans and doing it fast. it's going to be dividing the bank into citigroup holdings, no thank you, and citigroup proper. citigroup proper is 1/3 retail bank, 1/3 global services, 1/3 investment banking. all three are immensely profitable already. i think the split-off will do a lot to bring up the value. that's another way i'm going to get to my $6 target. reason number five, existing management. how about ned kelly? he's not going anywhere. he's staying put. the government would be absolutely nuts -- >> they know nothing, they know nothing, they know nothing! >> to remove either one of those guys as the turnaround is real and huge. and the books are clean. the bad stuff is going away. that's right. they're real and terrific, so to speak. all right. why the heck is the stock trading at $3? $3.80, how can that be? all right. well, first, the government's solution was terrible for existing shareplholders. i think we are recoverin
is the biotech company up by around 2% and that's after analysts at bank of america and merrill lynch upgraded that stock to overweight from underweight and increased the company's price starting. we are watching ubs. that stock is lower, in line with the rest of the financials here in zurich. we are expecting the deal with the u.s. to be signed in washington later on today. that's when we may get some more details out on the settlement and sales including how many client names will be handed over to the u.s. authorities. there's a possibility of when the swiss government will sell its stake in ubs. ubs authorities have said they're preparing criminal investigations into 150 ubs clients in the u.s. and the wall street journal is reporting that up to 10 swiss and european banks among them. chris swiss and julius bear were identified in the ubs tax probe. that's after ubs clients in the u.s. have come forward and disclosed their ubs accounts, also other foreign accounts and they have said that they're with either credit suisse or other banks. but that doesn't necessarily mean that those banks wi
turf or concerned citizens, trying to save america? and eric pelosi and the interior democratic congress. 550 million bucks. that's why republicans are smiling. fasten your seat belts, everybody. "the kudlow report" begins right now. of. . >>> i'm larry kudlow. welcome back to the kudlow report, where we believe free market capitalism is the path to prosperity. there is a lot of talk of big government savoring america, or from a health care meltdown according to president obama. well, i really don't think big government saves us from anything. at the end of the day, economic freedom, market competition, and free enterprise are the greatest engines for growth. we'll have these debates tonight on big government and health h care, but i want to weigh in on the new bull market and the new economic recovery. the single-greatest source of stimulus, for both the bull market and the recovery in the economy is profit. profits are the mother's milk of stock, business, and the economy. and if the positive profit story continues, as i believe it will, then investors are going to be just fin
this company has seen. they're based in montreal, operations all over north america. it's a paper and wood company. highly cyclical. less worse than expect results, one of the top five performers in the russell 2,000 right now. the stock's up 23% today, up 60% since earnings season started a month ago and the company is saying they're having lower input costs and better cost controls. that is helping things out. dom tar, the former dominican tar and chemical with a big, big rally today. yeah, it's down but up from the bottom. back to you. >> thank you, matthew. franklin mutual advisors ringing the closing bell today in honor of the 60th anniversary of their mutual series groups, one of the oldest mutual funds out there. the group an's flagship here it, mutual funds outperform the s&p up nearly 26% over that period. joining me chairman and ceo of franklin mutual advisors peter langerman. more importantly, what was the last -- the first mutual funds came out in the 1930s. >> we were one of the first and i think the interesting thing for us, we are our 60th industry and basically doing the sa
to tell you people in america no one realized income went up, millions of them. they have got money to spend. we'll tell you how they are. >> street signs, 2:00, be there. >> cnbc.com news now. >>> down market after the food company raised starting outlook for the year on better than expected sales. price line.com sales are also jumping as its earnings were also better than forecast. boeing got $1.2 billion contracts from the canadian government for 15 new chinook helicopters. cnbc news now, i'm courtney reagan. >>> good morning and welcome to the call. 90 minutes into trading on the floor, the new york stock exchange. we're watching the market trying to move its way back to the flat line, down seven points on the dow. we're going to talk about coming up in this hour whether or not the amount of consumer debt could derail a recovery in the stock market. happy monday, larry. >> thank you. i'm larry kudlow.. paul krugman going at it again. he's arguing big government saved the economy and budget deficits are good. he's calling for a second stimulus. in our call of the wild we're going
market, too. of particular focus, john paulson picking up 168 million shares of bank of america as of june 30th, more than a $2 billion stake. you do see the stock up in the after market, paulson also reporting new holdings in regions financial, goldman and state street, based on an sec filing, larry. what we don't know, if he's still holding onto these stocks because the sec filing relates back to his june 30 standing. we don't know that yet, larry and don't know whether he's short other stuff in the market. obviously, this is a guy who knew or could foresee a financial crisis coming and shorted lot of financials back in the day. >> dick bove told us he likes citigroup but paulson went for bank of america. they're both partly government owned. >> they're both partly government owned. some people might say maybe one is more owned by the government than the other. >> paulson is a smart guy. interesting play. thank you, rebecca jarvis. >>> let's dive into our speed trade. jim yoeurio, director of institutional services. thank you for being here. >> thank you for having me. >> let
?? >> i really do. i think we've gotten to a right size in corporate america.a. we have cut costs to the bone. i think any top line revenue growth will be a driver for growth in the s&p 500 and all of corporate america. i think three different places right now. energy is going to be a winner.. it's going to be a winner on three fronts, not the least of which is the short term, middle term and long term demand is going to be the picture there, and we'll see inflation in 2010. some companies to stay away from, the worst is mind because of how bad that gets. i think health care investments comes back, and look at technology as a consolidating sector. the bottom 90 companies in technology, and pay consolidation, and ratio in technology. >> ron shaw, i think you would disagree on energy with art hogan, would you not? >> i believe energy, is a good sector, but we look at service companies, we like, for example, transformer businesses, manufacturing companies that support the energy industry. but we do not believe in the commodity sector or the energy industry. >> and art, you're nodding
out of the limb, so we were playing a bank of america, which turned to be farther out of the limo owe. >> so john, paulson takes 2% of citi, but you think b of a is a better reward. >> well, paulson plays a little different game than we do. i believe he also owns bank of america. but at this point, where the survival is in much less doubt, you go farther out on the limb. and every investor, ourselves included, you get to choose how far on the limb you want to go, and we think citi is farther out on the limb and we're quite comfortable with b of a. >> what about peter's point that the search for yield is on, and perhaps risk has been repriced as a result of people will to go take the bet in the financials, ron? is that a bullish sign for you, longer-term or no? >> well, we think that's true. that's an entirely different point of view than mr. paulson would have. you know, so everybody gets to take their choice in here. and we do think that there's going to be a move. we think that since september, people are saving about 5% of their income, and so -- and much of it has been placed in t
right now. >> this is america's number one financial news program. "the wall street journal report." now, maria bartiromo. >>> now here's bob pisani with a look at some of the stories in the headlines this week. >> here's a look at what's making news as we enter a new week on wall street. for the first time since april of 2008, the unemployment rate actually fell. the jobs report for july was released on friday and it showed the economy lost 247,000 jobs, better than what many economists had expected. the unemployment rate dropped to 9.4%. the better than expected report is a strong signal the recession is ending. the market started august off on a bang. on monday, the s&p 500 closed over 1000 for the first time since november, the nasdaq over 2000 for the first time since october. the markets were flat midweek and rose on friday. with a helping hand from the cash for clunkers program vehicle sales in july got a boost. ford up 2%, the first year over year increase since last august. gm, chrysler and toyota were down. earnings season is winding down, but several dow components reported th
of america and merrill lynch you. might recall ta both sides along with the sec i should say, the sides being bank of america and the sec providing submissions to judge overseeing this case yesterday. the judge overseeing this says that monday's submissions raised a few additional issues about the case. essentially the judge has a couple of questions specifically for bank of america and wants to know more specifics why the bank will spend $33 million to settle with the sec without admitting or denying wrongdoing if the proxy statement was not false or misleading, including whether it settled to curry favor with the sec. essentially when both sides, the sec and b of a submitted filings, they say that they relied on outside counsel to create the proxy statement. and rakeoff essentially says it is at war with common sense for a corporate officer who produced a proxy statement to say he relied on counsel and if the company does not waive privilege, meaning attorney/client, then the officer and council's culpability are beyond scrutiny. ray cough essentially ordering both the sec and bank of ameri
estate. enormous exposure to the turn in the economy. wells fargo, bank of america. two of my favorite rebound plays. especially now that cramer face sally krawcheck is back doing what she knows so well at bank of america. wealth management. i like bank of america and wells fargo so much my charitable trust owns them both. and now the oils which have taken more of a beating than a breather lately. back. back and bigger than ever with the prices of crude and natural gases soaring. not only is the dollar going down which we like and people like hard commodities when the green back drops but because chevron is shutting in its mammoth natural gas production. that's causing natural gas to wake up from its silent but deadly slumber and at least break out to the upside. this is the kind of leadership that ain't quitting and the oil and oil services are now ready to power higher. coming out of the best july since 1997 i think we're pretty amazing shape. no one else is saying this. i'm the only guy who says i really like it here. everybody else wants to caveat to death. i don't know. i hope it
in large names. bank of america up all day, a group at the close and so did citigroup and others as well. and classic cyclicals, railroads strong, ryder and the trucking group. finally, the major industry, dow up 2% but transports outperformed everything. >> thanks very much, bob pisani. we have walter myers, jim eurieio, option contributor and director at tjm institutional services. thank you very much. jim, let me start with you. another rip roaring triple digit day, what do you make of it? >> today's a huge day. as you said before, it was kind of decoupling of the weak dollar strong stock market trade, like the currency market is letting loose of the currency market on its own to see if it can fly and it did fly. there's been so many people shorting the dollar so long now that we started this move high owner the dollar perhaps we will see some shorts take on some heat and see a little bbit -- >> tell me about short the dollar. this is such an important theme. we talked about it on this program last night. i did argue with my great friend, rick santelli a strong jobs report would contr
. countdown and ignition and before the real liftoff has begun. what if america is stronger than the doubters would have us believe? more innovators, more adaptable than even president obama believes we are. michael darta is a believer, he put out a note today saying the new ism manufacturing numbers that came in and lifted the markets, they promise the economy will grow better than 3% next year, that would be half gain higher than wall street expects. 3% growth in gdp would be more than $400 billion in extra economic activity next year, and the stock market is is the ultimate leading indicator. today surged up past that 1,000 mark closing at 1,002 and change. the nasdaq cracked the 2,000 mark jumping 30 points to 2008. and the dow jones fired off another nice triple digit gain up 115 points or so to close up near 9,300. dow 10,000? here we come. now a couple of recovery killers loom. factors that could render us tax americana. and they boil down to this. obama-care, obama tax increases, obama anti-capitalist rage.. but for now, this summer rally is for real. what happened today?y? what does
improvement in the second half. bank of america, travelers, chase, american express, ge were all under pressure. shares of cit said it would file for bankruptcy if it couldn't secure reliable debt financing. we had energy shares weaker as well. oil prices tumbled below $70 a barrel. retail stocks held up well after earnings reports due out later this week, target, wal-mart, the gap all posted gains, so did macy's which releases its quarterly report before tomorrow. >> sharon, thanks. you used to cover the energy beat, you still cover the energy beat carefully. energy stocks are in their own pullback. do you have any thoughts on that. >> we are in this range we've been in. we could see a pull back to mid-60s or $62 a barrel or so. there is this concern are we in a recovery and if so, what does that mean for energy demand? we're not seeing that. we're seeing a lot of increases include supply, and that's what we're expecting tomorrow when the energy department reports. >> they report the energy tomorrow. you bull or bear on energy prices? i hate to put anybody on the spot but you know the
and a half, 2 billion 2:00.5 billion shares a day. same with bank of america. no conversion there but their stock has been terrific. goldman sachs. notice weakness, with other financials strong. maybe they're selling goldman to buy other financials. that's one theory. how about the transports? your other great cyclical group here. you look at the railroads, you look at ryder, you look at anything in this group. continental air did have a secondary and it was weak early on but that stock had big price swings today. it was down around $11. it's moving up here. 2% to 8% gains in all the transports. the transport sector is the leader so far this week. our team is covering the markets right around -- we've got all the bases covered. let's go to my friend mike huckman standing by at the nasdaq first. mike? >> thanks, bob. we are off the very poetic 2,009, 2,010 level we hit. but we're still hanging up around 2,000. we actually still have a few earnings stories to talk about here that are moving a handful of stocks here on the nasdaq and in a big way. for example, graphic chipmaker
behavior, period. obesity is a problem in america and will continue to grow. not sure what the solution is, but a tax to the general population will not solve anything but the pocket of the u.s. treasury who can't seem to ever close the checkbook." we got a lot from you. a lot of people talking about the sugar lobby, something we'll tackle on another show. in the meantime final hour of trade coming with "the closing bell." >>> a successful 30-year auction briefly brings stocks to new highs. we faded a bit since then wp we're entering the final and most important hour of the trading day right now. welcome to "the closing bell," everybody. i'm bob pisani down on the floor of the new york stock exchange. hello, michelle. >> hi, bob, good to see you, i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. right now the dow jones industrial average is lower by a 4r89 more than ten points. 9,351. the nasdaq pretty indecisive trade there as well, higher by nearly two points, sitting right now on the 2,000 mark. the s&p 500 pretty indecisive day but let's see as we go into
the market to the upside today. we've got the master trust out of yesterday for jpmorgan, bank of america and american express indicating in general that delinquencies are at least stabilizing or moving in the right direction. finally, let's play hmo ping-pong. remember yesterday, they got killed on concerns that the public -- rose on concerns that the public option would now be out of the whole health care plan. today, the democrats some liberal democrats are fighting back saying they want it in. hmos to the down side. trader talk.cnbc.com. matt, the nasdaq. >> we're going to be playing times squares beer pong. we mentioned technologies very strong today, four to one positive or 80% of the nasdaq trading higher today were surging in towards a close close to our high level of the session. look down here. what the heck is going on with google? nothing. just sitting there. that's not a good sign. apple scott mentioned the upgrade from rbc first thing this morning. apple rim all with the price target substantially in some cases a double above where they are right now. they think there's mome
. sick trading at citigroup again. bank of america's been doing 350 to 500 million shares for four, five days in a row right now. citigroup will do over a billion. remember, they increased their weighting in the s&p 500. some are pointing out the big volume due to some better news from some of the mortgage insurers. radian had some positive comments yesterday. tradertalk.cnbc.com. let's go around the horn and talk to all my friends. first brian schactman over at the nasdaq. >> thank you, bob. we're hovering near the lows of the session. you're looking at the internals. better than two to one to the down side. we've underperformed the broader market for the last two days and it's continuing. i want to actually point out a few of the positive stories to start. because of some future margin pressures, even though they have good earnings, cisco was down early. maybe it was john chambers talking on "squawk on the street." yahoo up .5%. ebay up 2.7%. chips have been weak all day. intel is right in line with the market about .8% but marvell down 2.5%. the weakest of the big names today, researc
led of course by citigroup and bank of america. i have received an automatic signal i've been growing algae for 35 years. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhouse problem, as well. we're making a big commitment to finding out... just how much algae can help to meet... the fuel demands of the world. >>> taking a look at today's business headlines, the commerce department reports factory orders unexpectedly rose by .4% in june thanks to strength in non-durable goods and orders for oil and coal products. economists had been predicting a drop of 1%. this is the fourth time in the past five months factory orders have increased. the mortgage bankers association reports mortgage applications rose 4.4% last week as rates on 30-year fixed loans hit a three-week low of 5.17%. that helped boost
. these guys are tone deaf and out of touch. finally, some parts of america are waking up and taking to the streets to say enough is enough. they're peppering politicians with questions. why mess with health insurance if 68% of americans already like their coverage? they're giving congress an earful on other gaps including private jet gate. congress authorizing $550 million for eight new private jets after calling auto executives on the carpet for flying private jets on their own. congress says it will spend instead only $220 million on only four planes as the pentagon first requested. i say cut that order to zero. it is an outrage members of congress would spend taxpayer money on their own luxury in this recession. it is tone deaf guys, fly first class commercial. you know what i'm saying? this anti-business backlash is so bad it even has invaded the federal judiciaryry. a federal judge named rakoff fined the bank $33 million for allegedly failing to inform shareholders fully about bonuses at merrill lynch. but the judge, instead of granting routine approval has launched a bonus in
and bank of america have definitely fallen off here today. finally, our third big story is the dollar rally which is continuing now for really the third, perhaps the fourth day. that's putting some pressure on commodities as well.l. take a look at the big names here on the commodity group here. remember, all of them had gains of 4%, 5%, 6%, 7%, 8%. all the big names including rio tinto under a little pressure from statements made by chinese officials that they may have been spying. again, these are hotly disputed issues, but all the big names in the materials group are to the down side. industrials had a great week last week. all the big names like qatar pil sxr 3m were up. many of the home building and material stocks, building material companies like masco were to the up side. but as you can see here, all of them down 3% or 4%. same situation with the retailers. we did get retail sales last week. a number of them did raise their guidance or had improved commentary like macy's. those stocks were to the up side. all of them, again, to the down side here today. pretty clear pattern going on
if saving money happened as automatically as everything else? at bank of america, it practically does. use the bankamericard power rewards visa credit card and earn rewards like cash back with every purchase. cash you can put into savings. or even use to help pay down your credit card balance. it's one of the many ways we make saving money in tough times a whole lot easier. ♪ yes, you're lovely... ♪ what do you think? hey, why don't we use our points from chase sapphire and take a break? we can't. sure, we can. the points don't expire... ♪ there is nothing for me... ♪ there's no travel restrictions... we could leave tomorrow. we can't use them for a vacation. you can use the points for just about anything. i know... ♪ the way you look tonight ♪ chase what matters. get your new chase sapphire card at chase.com/sapphire. >>> net income coming in at $228 million. it was 33 cents a share. on the back of that gap received two upgrades. sbr and key bank capital markets raised the stock rating to an outperform. the stock is trading higher today, as you can see there, better than 3% hi
. independence is the spirit that drives america's most successful investors. announcer: trade commission free for 30 days plus get $100 cash when you open an account. >>> no big sell-off but also no rally here. bob pisani, by the way, on the floor of the new york stock exchange. excellent new home sales numbers. look what's been going on here. we've been seeing new home sales four consecutive months on the up side. existing home sales four consecutive months on the up side. case shiller home price index up two months in a row now. these are clearly numbers that indicate some kind of bottom is being put in. why isn't the market a little more impressed? maybe because we've already had a 4% rally in a month that is traditionally seasonally considered weak. august and september the two weakest months of the year back to back. traders have been trying to play the short end of this thing and they've been losing. so a lot of people have simply been capitulating to go along with the overall trade. we've got more economic numbers in a couple days. there's the bell. you know who's next, maria bartiromo
from buyover at bank of america. you did have money coming into the defensive stocks today. maria, names like proctor & gamble and general mills and merck. >> the large health care providers. johnson & johnson also better on the session. let's look at the other business headlines we're following tonight. the chicago purchasing managers index was off to a better than expected reading of 50 this month. it is actually the highest reading since last september. because of a sharp increase in new orders and production. it is signaling that business activity in the midwest is on the cusp of expansion. the semi conductor association is reporting that july chip sales were up 5.3% from june to $18.2 billion. that is the fifth month in a row of sales gains. year over year, sales still down more than 18%. california governor arnold schwarzenegger declaring a state of emergency in four of the state's counties as firefighters continue to battle massive blazes. the largest fire is just north of los angeles, which is threatening thousands of homes and has already taken the life of two firefighter
the change from bank of america rounds up every debit card purchase to the next dollar and transfers the difference from your checking to savings account. it's one of the many ways we make saving money in tough times a whole lot easier. >>> getting word now of a new age discrimination suit against at&t, the equal employment commission citing an at&t policy that prohibited workers over 40 to retire under various retirement and severance plans. the shares of at&t not moving much now. >> let's get to the markets. again, another day where the bulls have the upper hand, but only by a slight amount, and again on low volume. it is august. let's bring our task force in. j.j. burns with us, as is vice president of mf global in chicago. j.j., i gather you want to take some profits off these tables here, don't you? >> yeah, we have been very careful to retrench a bit, in the stock side, and reallocate away from stocks. we have always had for most of this year, bill, a very low balance of our portfolios in stock so we benefited by gaining exposure to investment grades, and sitting back and colle
otherwise would prefer spending to buy. i do believe the holiday season in america generally is going to be much stronger than it was last holiday because we had no christmas. >>> up next on the "wall street journal report," he owns the cubs, "tribune" company, but he has his eye on real estate all over the world. where sam zell is investing his dollars these days. >>> and how tightening adults help senior citizens and children personally and financially and families come egg together when nest eggs are broken. as we take a break, look at how the stock market ended the week. we know why we're here. to stand behind all who serve. ♪ to deliver the technologies... vital to freedom. ♪ to help carry hope to those in need. ♪ around the globe, the people of boeing... are working together -- for what matters most. that's why we're here. ♪ most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels,
that every company in america keys on comes through. a lot of good can come when companies declare a cease-fire on firing, to a more likely return of t.a.r.p. as i promised when t.a.r.p. was passed, big profit for the government. going to produce big profits. especially if, knock on wood, health care reform gets emasculated. the bottom line, we can't suddenly down play the importance, the jobs number, the plays in this economy, not when we worship it, not when it's painting a much rosier picture than expected. the moves we're seeing, they're rational, now that the less bad to better thesis is confirmed. no it's not jimmy cliff, it's bob marley, i shot the sheriff, but i should have shot the short sellers. you got the picture. let's go to brian in california. brian. >> caller: boo-yah from sunny southern california. >> boo-yah, brian. what's up? >> caller: i want to ask you about trlg. >> unbelievable numbers, unbelievable numbers. just a second, i was throwing some bulls. >> caller: they beat on eps and increased their guidance and still trading at 11. what's your take? >> i think that the
of commuters but gave me a great metaphor for opening the show tonight. a symbol of emerging america, a symbol of the american worker who works hard to build something and may have started the time of you lulysses s. grat leads right up to the white house for the first black american president of the united states. i have no doubt we are still that america, capable of building new things that can last for generations to come, new things such as rebuilding our economy. let me explain in the real deal with dennis kneale. tonight, we're going to w celebrate, as i said, we're going to break out the bubbly tw celebrate not just the market's extraordinary rise today on neww surprising surprisingly -- surprising drop in job losses in july, we celebrate more than just a 15% surge in stocks in 20 days of trading since july 10th, tonight, we celebrate something more fundamental than that and more spectacular, we are uncorking the crystal to toast the end of a year of fear and pain, rising layoffs and plunging hope. we salute the end of the year of economic collapse and worries it will get even worse an
america is coming out of the this morass, that business is coming back, that thele firings have run their course and the hirings are beginning. these are fabulous reasons to bake a cake. you just have to kind of put it to work, you know? that's enough of that. anyway, but why an or i don't cake? because or i don't, o.r.e.o. stands for other real estate owned, as opposed to high drox, this dunked better. when you think of housing stabilizing and going up, because the fed is going to stay steady, when the consumer is feeling frisky, you want to own the stocks of companies that own the most houses. would it be toll brothers, lenary? no, no, no, the biggest homeowners aren't home builders, they're banks. bank the america, wells fargo, jpmorgan, courtesy of the o.r.e.o. portfolios. we're in the cycle where they're going up in value, where demand is so high, nevin story is so low, you want to be invested in companies that own homes. who owns more than bank of america, courtesy of countrywide, wells far ooh courtesy of golden west. these guys own whole zip codes of homes. they taste like c
to the board. the plan may incorporate managerial changes. bank of america is said to be carrying out a similar review internally. citigroup tells cnbc it had no comment on the record. >> not surprising. an upside consultant to -- >> to come in and see? >> we're good, right? >> bring them in. we'll ignore everything. >> bring them on. don't ever say -- bring them on or mission accomplished, please, don't say that. >> tell is the deadline for those companies with outstanding t.a.r.p. loan toes submit executive pay xankz compensation plans to ken feinberg. trader andrew hall, his $100 million contract with citi has been in the headlines a lot lately. now hall's contract may not be subject to pay czar's oversight because it was signed before february 11th. but another source says feinberg still has plenty of flexibility, using his authority on a case-by-case basis. that's the big question, will he get his money? will that unit stick around at citigroup and -- >> or is he grandfathered in? >> but if he doesn't stick around at citigroup, it's a big question, too. this guy is a big rainmaker. >> did
. he said the biggest position in gold is getting into bank of ameri america. what does it mean? >>> and speaking of that, the ceo of ali baba.com is here. mad man is also coming up. that could be jim cramer. we'll be back. walmart set to open higher after reporting a roughly flat second quarter profit that did beat expectations. joining us now to go inside the numbers, john lawrence, managing director at morgan keegan. how do you view the report? >> well, we view it as a very encouraging report. i mean, we've talked about, for several quarters now, the improvements, the productivity curve that's happening at walmart. you've had nine consecutive quarters now of inventory improvement for this big company. that's pretty impressive when you can get 100 basis points in gross margin. we were looking for an up one comp and it was down one. and then to take the bottom end of the earnings guidance up for the year is pretty impressive to us, some of the things that they're doing. >> inventories was a reduction of 6%. you know, walmart has long mks, of course, of passing along any cost sa
of financial, including bank of america. these numbers were as of the end of june, so we don't know if they still have these positions. finally, say it ain't so. tootsie roll is down, a doubling of sugar prices, companies downgrading, and so they downgraded on concerns it will hurt them as sugar prices have gone up, crop shortages in this brazil and india, big talk. tradertalk.cnbc.com. >> bob, technology still holding up, nasdaq up 7.5 points. i take you to wall and show you big cap technology stocks. the story today dictated by apple. barclays capital raising the price target to 208 from 188, not only like the product line but free cash flow. stocks up 1.75%. microsoft strong, as well, 1%, talking about the zzunor next month. look at what is happening in the chips base. 1% for the semiconductor index, names internally within that intel, qualcomm, and r.w. baird. palm, jim goldman was telling you on the menu, smart phones, palm is up 4%, despite the fact it was cut to sell at morgan joseph, and an upgrade at morgan keegan. >> the question we often ask so many times, what's driving
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